Council misses out in bid to buy office building
COUNCIL plans for Portcullis House were scuppered after an unsuccessful bid to buy the landmark office building. Officers at Glasgow City Council approved a £1.9 million attempt to purchase the India Street property under delegated powers, due to Covid-19, in June.
It wanted to buy the site to gain “greater control” over development in the area.
City Property Glasgow (Investments), one of the council’s arms-length external organisations, has “significant” ownership in the area, including the former Nye Bevan House site.
Portcullis House was marketed by CBRE on behalf of the owners, Mapeley Ltd.
It was described as a “rare opportunity to acquire a detached office building in the heart of the city with extensive redevelopment opportunities”.
The council was unable to buy the property, which presented an “opportunity to consolidate nearly an entire city block in an area emerging as a strategic investment location”.
The report stated: “The western edge of the city centre is a location where the council family has a significant land holding and the purchase of Portcullis House would give the council greater control in order to drive forward a masterplan for the combined Nye Bevan/Portcullis House sites and immediate environs.”
Marketing of the Nye Bevan House was put on hold while the potential purchase of Portcullis House was considered.
The council and City Property had been in talks with Mapeley over proposals to develop both sites.
However, the report stated: “Having secured ownership of Portcullis House, Mapeley took the decision that rather than bringing forward proposals for its re-development, their intention was now to seek an immediate disposal on the open market.”